~ TR = P x Q
~ How does elasticity of a good affect total revenue?
    ~ An increase in P can possibly cause an increase or decrease in TR.  It depends on the Elasticity of the product.
 
 

Type of Elasticity	Change in P	Change in TR	Movement of TR & P
Elastic	down	up	opposite directions
Inelastic	down	down	same direction
Unit-elastic	down	no change	N/A

*Note:  I chose P going down as an example.  The patterns hold true if P goes up as well.

Specific Brands v. General Market
~ would Quantity Demanded for gasoline in general be elastic or inelastic?  inelastic; b/c it (in general) is a necessity
~ would Quantity Demanded for gas at a Exxon be elastic or inelastic? elastic; b/c there are other gas stations to buy from (many substitutes = a more elastic product)

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